New Delhi, Dec 31 (IANS) In a major crackdown on offshore assets stashed through complex corporate structures, the Enforcement Directorate (ED), Sub-Zonal Office, has issued a Provisional Attachment Order on December 30, 2025, freezing a high-value immovable property located in the prime Buckingham Palace area of London, United Kingdom.

The luxury property is valued at approximately Rs. 150 crore, the investigation agency said in a statement.

The attached asset is held under the beneficial ownership of Nitin Shambhkumar Kasliwal, former Chairman and Managing Director of M/s S Kumars Nationwide Limited, along with his family members.

Kasliwal is accused of defrauding a consortium of Indian banks to the tune of over Rs. 1,400 crore through multiple FIRs, it said. ED investigations under the Prevention of Money Laundering Act (PMLA), 2002, conducted searches on December 23-24, 2025, recovering incriminating records, digital devices, and a detailed analysis of seized material.

The probe revealed that Nitin Kasliwal had established a complex network of trusts and companies across multiple offshore tax havens, including the British Virgin Islands (BVI), Jersey, and Switzerland, the statement further said.

A key entity uncovered is a trust named M/s Catherine Trust (formerly M/s Surya Trust), in which Kasliwal and his family members are primary beneficiaries.

This trust controls a Jersey-based company, M/s Catherine Property Holding Limited (CPHL), which in turn holds ownership of the seized London property, it said.

The ED found that Kasliwal diverted funds outside India in the guise of foreign investments and thereafter acquired immovable assets concealed through layered private trusts and companies in foreign jurisdictions. These proceeds of crime were routed to evade detection and park illicit wealth abroad.

The attachment marks a significant step in tracing and blocking benami assets held overseas by economic offenders.

The agency stated that further investigation is underway to identify additional properties and unravel the full extent of the money trail.

This action follows a series of measures against Kasliwal, highlighting growing efforts by Indian authorities to recover assets hidden abroad through opaque structures.

The case underscores vulnerabilities in cross-border financial flows and the use of tax havens to launder proceeds from bank frauds.

–IANS

sktr/dan

New Delhi, Dec 31 (IANS) In a major crackdown on offshore assets stashed through complex corporate structures, the Enforcement Directorate (ED), Sub-Zonal Office, has issued a Provisional Attachment Order on December 30, 2025, freezing a high-value immovable property located in the prime Buckingham Palace area of London, United Kingdom.

The luxury property is valued at approximately Rs. 150 crore, the investigation agency said in a statement.

The attached asset is held under the beneficial ownership of Nitin Shambhkumar Kasliwal, former Chairman and Managing Director of M/s S Kumars Nationwide Limited, along with his family members.

Kasliwal is accused of defrauding a consortium of Indian banks to the tune of over Rs. 1,400 crore through multiple FIRs, it said. ED investigations under the Prevention of Money Laundering Act (PMLA), 2002, conducted searches on December 23-24, 2025, recovering incriminating records, digital devices, and a detailed analysis of seized material.

The probe revealed that Nitin Kasliwal had established a complex network of trusts and companies across multiple offshore tax havens, including the British Virgin Islands (BVI), Jersey, and Switzerland, the statement further said.

A key entity uncovered is a trust named M/s Catherine Trust (formerly M/s Surya Trust), in which Kasliwal and his family members are primary beneficiaries.

This trust controls a Jersey-based company, M/s Catherine Property Holding Limited (CPHL), which in turn holds ownership of the seized London property, it said.

The ED found that Kasliwal diverted funds outside India in the guise of foreign investments and thereafter acquired immovable assets concealed through layered private trusts and companies in foreign jurisdictions. These proceeds of crime were routed to evade detection and park illicit wealth abroad.

The attachment marks a significant step in tracing and blocking benami assets held overseas by economic offenders.

The agency stated that further investigation is underway to identify additional properties and unravel the full extent of the money trail.

This action follows a series of measures against Kasliwal, highlighting growing efforts by Indian authorities to recover assets hidden abroad through opaque structures.

The case underscores vulnerabilities in cross-border financial flows and the use of tax havens to launder proceeds from bank frauds.

–IANS

sktr/dan